RSA parent announces Q4, full-year earnings

RSA parent announces Q4, full-year earnings

RSA parent announces Q4, full-year earnings | Insurance Business Canada

Insurance News

RSA parent announces Q4, full-year earnings

Group chief points to company’s “tremendous resilience”

Insurance News

By
Terry Gangcuangco



Intact Financial Corporation has published its financial results for the fourth quarter and full-year 2023.

The insurance group reported the following numbers:




Metric



Q4 2023



Q4 2022



FY 2023



FY 2022







Underwriting income



CA$787 million



CA$485 million



CA$2.13 billion



CA$2.06 billion





Net operating income attributable to common shareholders



CA$752 million



CA$508 million



CA$2.06 billion



CA$2.09 billion





Net income



CA$531 million



CA$353 million



CA$1.33 billion



CA$2.45 billion




 

According to Intact, its combined ratio for Canada in the fourth quarter was 86.7%; UK&I, 104.6%; and in the US, 86.4%.

Commenting on the figures, chief executive Charles Brindamour said in a release: “The past year has been challenging for society, particularly in the face of numerous natural disasters. Through it all, our people worked relentlessly to ensure customers get back on track quickly. Despite shouldering elevated catastrophe losses as a result, the business demonstrated tremendous resilience.

“We achieved mid-teens operating ROE (return on equity) and maintained a strong balance sheet with CA$2.7 billion of total capital margin. As we look ahead to 2024, we are well positioned for outperformance, given strong top-line momentum, continued underwriting discipline, and a refocused UK&I segment.”

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The CEO also pointed to the firm’s increased dividends to common shareholders for the 19th consecutive year.

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